Cotton Complex Prices Closed Lower

Cotton complex prices closed lower taking clues from the international market. Moreover, lower physical demand and expectation of higher production coupled with limited export potential for next season capped further gains. On w/w basis, NCDEX Kapas for Apr’17 closed 2.20% down while MCX Oct’16 cotton closed lower by 2.45%. In its first estimate, the Cotton Association of India (CAI), the apex trade body of the fibre crop, has pegged the output for the year starting October 2016 at 336 lakh bales of 170 kg each.